Renewing a Mortgage
Top Rated Mortgage Broker | Expert Home Mortgage Advice
Save Thousands On Mortgage Renewal
Here’s a simple example. Consider an typical mortgage of $250,000 with a 25-year amortization and a 5-year term. Upon the term expiration, your bank offers a 3% renewal rate while we could get you 2.5% with another lender. The price of this missing opportunity over the next five years would be $6250 in interest! SIX THOUSAND! An all inclusive week-long vacation package to Varadero, Cuba is around $1,000 per person – a trip you and someone special could take three times if you were to refinance on better terms.
Now, if you make it a habit, you can loose a total of $37,000 dollars over 25 years. That is equivalent to $50,000 of taxable income. For many of us, that’s at list a year of working for free.
So, before your mortgage term is over, please give us a call. We will discuss your interest rate options, and can arrange a rate hold for you. In many cases switching to another lender will be absolutely FREE!! We will also discuss which mortgage product and options are best for you, and help you with a customized mortgage strategy.